Poland’s Insurance and Pension Funds Supervisory Commission has registered an employee pensions programme set up by companies of the Enea SA capital group – one of Poland’s leading energy distributors.
Poland’s Insurance and Pension Funds Supervisory Commission has registered an employee pensions programme set up by companies of the Enea SA capital group – one of Poland’s leading energy distributors. This will be the largest programme of the 84 currently managed by CU Poland Life Insurance Company.
The Enea capital group incorporates the head office in Poznan, a city in western Poland, and 17 dependent companies. They employ a total of over 7,000 people, all of whom are potential participants in the programme. This will consequently be the largest programme managed by CU Life, which won a tender by offering the best contractual terms.
By winning this mandate, CU Life has strengthened its second-place ranking among life insurance companies managing employee pension programmes. So far the market regulator has received 122 applications to register schemes set up in cooperation with CU Life. Of these, 99 have been registered, and 84 have commenced operations. "We are holding talks with other interested entities, and we can say our offer has been a success, especially when we consider that in June 2005 we were only managing 37 programmes," says Włodzimierz Iskra, group business director at CU Life.
Within its employee pension programme offer, CU Life offers four dedicated capital funds with various investment profiles and anticipated profitability: Bonds Fund, Stable Growth Fund, Balanced Fund, and Equities Fund. These funds have shown very favourable rates of return in both nominal and real terms – higher than alternative forms of long-term saving.
Rates of return capital insurance funds offered by CU Life as part of employee pension programmes, calculated as for the 2005 year-end (%)
Fund | 3 months | 1 year | 3 years |
| Bonds EPS | 0.45 | 6.04 | – |
| Stable Growth EPS | 1.18 | 10.88 | 43.51 |
| Balanced EPS | 1.72 | – | – |
| Shares EPS | 3.53 | – | – |
Warsaw Stock Exchange | 5.32 | 33.66 | 147.80 |
Inflation | 0.2 | 0.9 | 7.1 |
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Information:
Bohdan Bialorucki
Telephone: (22) 557 43 41
E-mail: bohdan_bialorucki@cu.com.pl
For further information, see www.cu.com.pl
Notes to editors:
The Commercial Union Polska Group is part of the international Aviva group – the sixth largest insurance institution in the world and the first in Great Britain as regards income. The Aviva group operates in 25 countries. It occupies a strong position in the EU, including Great Britain, Ireland, France, Holland, Spain, Italy and Poland. Throughout the world it looks after about 30 million customers and manages assets valued at over Ł290 billion. For more information, see www.aviva.com.